Grayscale Bitcoin Trust (GBTC) Narrows Discount as Bitcoin Price Faces Pressure
Summary:
Grayscale Bitcoin Trust (GBTC) is now trading at a 17% discount to BTC/USD price, providing a significant boost to the investment vehicle. The positive news comes after BlackRock announced plans to file an application for the first Bitcoin spot price-based ETF in the US. Bitcoin's price, however, continues to face downward pressure in September. Traders anticipate a potential bullish trend in October, with late November being watched as a potential turning point. Readers are advised to conduct their own research before making investment decisions.
The Grayscale Bitcoin Trust (GBTC), a popular Bitcoin investment vehicle, is now trading at a 17% discount compared to the BTC/USD price, according to data from CoinGlass. This marks a significant improvement for GBTC, which has faced challenges in the past. GBTC's fortunes turned around when BlackRock, the world's largest asset manager, announced its plans to file an application for the first Bitcoin spot price-based exchange-traded fund (ETF) in the United States. This news boosted GBTC's price performance and narrowed the discount to Bitcoin's price. Despite this positive development, Bitcoin's price is still experiencing downward pressure, with September historically being a weak month for BTC/USD. However, there are expectations of a bullish trend in October, and some traders are eyeing late November as a potential turning point for Bitcoin's price. As always, readers are advised to conduct their own research and exercise caution when making investment decisions.
Published At
9/11/2023 2:37:53 PM
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